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Aya and Harumi would like to buy a house and their dream house costs $500,000. They...

Aya and Harumi would like to buy a house and their dream house costs $500,000. They have $50,000 saved up for a down payment but would still need to take out a mortgage loan for the remaining $450,000 and they’re not sure whether they could afford the monthly loan payments. The bank has offered them an interest rate of 4.25%, compounded monthly. How much would they have to be able to afford to pay each month in order to pay off their mortgage in 25 years? What is the total amount that would be paid to the lender after 25 years of payments?

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SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

SOLVED WITH BA II PLUS CALCULATOR

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